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Best Intraday Trading Brokers in India

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Best brokers for intraday trading in India, brokerage, margin, tips

Intraday trading is the most popular trading segment where a trade position is closed on the same trading day. Among hundreds of brokers, which one is the best broker for day trading depends on several factors, such as intraday brokerage, margin or exposure, etc. If you are an intraday trader, we have compiled a list of the top 10 best intraday trading brokers.

What is Intraday Trading?

In intraday trading or day trading, as the name suggests, all open trading positions are closed at the end of the trading session. In other words, a trader does not carry over his trades to the next trading day.

Day trading can be done in all segments, including stocks, equity derivatives, F&O contracts for commodities and currencies. A day trader buys stocks and F&O contracts and sells them before the market closes at 3:30 pm.

Traders place margin intraday square-off orders (MIS) to place an intraday order and the executed order is visible in the positions. Intraday traders book profits from small price movements in stocks.

Day trading is possible in both ways, as intraday traders can buy stocks first and sell later at a higher price, or even place a sell order first and buy later at a lower price.

For example, you are bullish on a company, so you bought 100 shares at 500 rupees. Assuming the price rises to 520 rupees by the end of the day, you can sell the shares and book a profit of 20 rupees per share.

On the other hand, if a stock price is expected to move downward, you can sell the shares first at a price of, say, 500 rupees and then buy them back at a lower price, say, 485 rupees, and book a profit of 15 rupees per share. This is called short selling. A stock is expected to fall due to negative sentiment, excessive selling pressure, or negative news.

If a trader does not close all of his intraday positions by the end of the trading session, your broker will close the positions on your behalf. You will have to pay auto square-off charges for this service.

Characteristics of the best intraday trading brokers

Every stock broker, whether it is a full-service broker or a discount broker, offers intraday trading services to its clients, so the question is which broker is good Check these features to find the best day trading broker;

  • Low-cost day trading at cheapest flat brokerage model
  • High margin/exposure on day trading
  • Free trading platforms with charting and indicators for technical analysis
  • Intraday trading tips and research
  • Advanced orders such as stop-loss order, bracket order, cover order, etc.

Here is a curated list of the 10 best brokers for intraday trading.

List of Best [Most Popular] Intraday Trading Brokers in India

Broker Intraday Brokerage Intraday Trading calls Review Request Callback
ProStocksFlat Fee Rs 15NoProStocks ReviewOpen Account
Zerodha0.03% or Rs 20 whichever is lowerNoZerodha ReviewOpen Account
Upstox0.05% or Rs 20 whichever is lower NoUpstox ReviewOpen Account
Nuvama WealthFlat Rs. 10 per executed orderYesNuvama Wealth ReviewOpen Account
Angel One0.03% or Rs 20 whichever is lowerYesAngel One ReviewOpen Account
Fyers0.03% or Rs 20 whichever is lowerNoFyers ReviewOpen Account

Zerodha Trade@20

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Paytm Money0.05% or Rs 20 whichever is lowerNoPaytm Money ReviewOpen Account
5paisaFlat Fee Rs 20Yes5paisa ReviewOpen Account
Alice Blue0.05% or Rs 15 whichever is lowerNoAlice Blue ReviewOpen Account
Groww0.05% or Rs 20 whichever is lowerNoGroww ReviewOpen Account

Intraday Trading Pros & Cons

Pros Cons
  • Opportunity to make short-term profits.
  • Margin or exposure availability on day trading.
  • No overnight risks of aftermarket events.
  • Flat brokerage on intraday trading irrespective of trade volume.
  • Advanced orders such as BO (Bracket Order) and CO (Cover Order) minimize trading risks.
    • High risk on intraday trading.
    • If share prices move opposite to the expectation, then you incur significant loss and the trade cannot be carried forward to the next trading day.
    • If you forgot to close your positions, then broker levies auto square off charges.
    • Day trading is not recommended to beginners as it requires an in-depth understanding and a disciplined approach.

    Best Intraday trading brokers in India – Final Verdict

    ProStocks is the best discount broker for day trading, especially if you are a frequent day trader who places multiple trades every month. Its unlimited monthly trading plan will cost you absolutely no brokerage fees for intraday trades if you pay Rs 899 per month. You can also trade at a flat brokerage plan that charges only Rs 15/order brokerage for intraday trades.

    Zerodha can be ranked second due to its maximum brokerage fee of Rs 20 and feature-rich kite platform. However, beginners looking for intraday trading tips can open an account with Angel One. The broker charges a maximum Rs 20 brokerage on day trading and offers day trading tips.

    FAQs

    Zerodha, Upstox, Angel One, Sharekhan, Fyers are a few of the top intraday trading brokers that offer online trading at Rs. 20 per order flat brokerage charges. Among all, Zerodha is the best broker for day trading based on the following facts;

    1. Lowest Intraday brokerage charges at Maximum Rs. 20 per order brokerage.
    2. Super-fast technology, high-performance, and feature-enriched Kite online trading platform.
    3. 6 charts, 100+ technical indicators, 20+ drawing tools, and multiple chart view features.
    4. Trade from the chart facility.
    5. Bracket order (BO) and cover orders (CO) are also available on the Kite.

     

    Yes, ProStocks is a popular discount broker for zero brokerage unlimited monthly trading plans. Intraday trading with ProStocks is available at just Rs 15 flat charges in the regular plan while if you are a frequent day trader then it provides monthly equity intraday and derivative trading plan (Rs 899/month) to facilitate intraday trading at zero brokerage.

    Day traders can trade using the ProStocks Star app and installable desktop trading terminal. Real-time charting, 7 days intraday trading chart, bracket order, cover order, basket order, etc. are the top trading features available on the platform for intraday traders.

     

    Upstox charges Max Rs. 20 per order brokerage on intraday trading in equity, derivatives, commodity, and currency segment. You can open Upstox Trading & Demat Account and start day trading across segments to avail following benefits;

    • A lower of Rs. 20 per executed order or 0.05% intraday brokerage fee.
    • Free Upstox Pro mobile app and web-based trading platform.
    • Access to 12+ charts and 107+ technical indicators to perform technical analysis.
    • Upstox Developer API (Algo platform).
    • Advanced orders i.e. Bracket order (BO), Cover Order (CO), and One cancel other (OCO) order.

     

    Kotak Securities Trade Free Plan charges Zero brokerage on intraday trading across segments – equity, equity Derivatives (F&O), commodity, and currency. It means intraday traders have to pay Rs. 0 brokerage fee on all intraday trades executed. Customers can also get free access to market research and Top Stock Picks by experts. Users can start intraday trading through the Kotak Stock Trader app, Trade Smart Terminal, or a trading website.

     

    Intraday trading is subject to significant risks as you can even lose full money invested so you must think carefully before trading. First-time day traders must choose full-service brokers who offer intraday trading tips, research, & recommendations to assist users in selecting the right stock for intraday trading.

    Angel One (Rs. 20/order) and Edelweiss Securities (Rs. 10/order) offers flat-brokerage intraday trading, whereas Motilal Oswal and HDFC Securities charge 0.05% brokerage on intraday trading services.

     


    User Reviews

    1. Mohit Sen Feb 06 2024 06:03:27 PM Reply
    I would say the best broker for intraday trading is mstock by Mirae Asset which is not mentioned in this list. I have been using mstock for a year now. The best thing here is no brokerage is charged in any segment of trading including Intraday at a nominal fee of Rs 999. This platform is best for daily traders.